Darwin Population set to explode by 30,000 Dec' 6th 2008

THE housing market is expected to face further strain as a projected 30,000 people move in to Darwin and Palmerston by 2016.

Chief Minister Paul Henderson celebrated the news during his State of the Territory address to the property council.

"A bigger population means more consumption in the economy, more houses and schools, and other social infrastructure that needs to be built - and that is a large part of what is driving the Territory's economy at the moment," he said.

Homeowners slashing prices November 26, 2008 Times Online

Home sellers in the wealthiest areas of London have cut more than £100,000 off sale prices as they seek to entice buyers to make an offer on their property, a report by Globrix, the property website, shows.

Globrix, which surveyed sellers who had cut their asking price since November 10, said that homeowners across the UK had cut prices by an average of 6.5 per cent, or £16,491.

Those in Nottingham have cut prices by an average of 8.2 per cent, or £13,777, while homeowners in Cardiff cut prices by 6 per cent, or £15,547.

The housing market has stalled over the last 12 months as the lack of mortgage funding has hindered first-time buyers, crucial to the health of the market, from buying houses. However, there are signs that buying activity is picking up again as bargain-hunters pay rock-bottom prices for property.

Daniel Lee, director of Globrix, said: "At last sellers are starting to recognise that asking prices are at unrealistic levels. Buyers are now holding all the cards and sellers need to realise that if they want to sell in this market then they may have to accept an offer they wouldn’t have even considered six months ago."

Property Freefall is Buyers' Bonanza 20th November 2008


SWINDON is offering properties at bargain prices, according to new research.

With house prices in freefall and the country gripped by recession there has never been a better time for cash-rich investors or first-time buyers to get onto the property ladder.

A survey, compiled by the property search engine Globrix, has revealed Swindon is the 13th best location in the country to pick up a bargain.

Figures show that 42 houses in Swindon fell in value, by £10,902 on average, from November 10 to 17, in order to facilitate a deal between buyer and seller.

“I’m not surprised by the fall or that Swindon is in the top 20,” said Robert Skerton, the owner and director of Henry George Estate Agents, based in Commercial Road.

“Swindon is a vibrant and prosperous town with a young workforce. The estate agents are keeping the property market moving by going to sellers with lower buying prices than they asked for. The downturn in the economy could be to the advantage of first time buyers. If you’re a first time buyer you should seriously start thinking about buying here.”

Norwich came out top in the study with 106 properties reduced in price by an average of £13,683.

It was followed by Solihull, near Birmingham, where 40 properties were reduced by an average of £13,130, with Rotherham in third position.

Nationally, 5,803 properties have been reduced in price by sellers since last week at an average price drop of £16,871.

Daniel Lee, the director of property search engine Globrix, said: “There are bargains galore out there at the moment for cash buyers and people with the finance in place to move quickly.

“Forget rip-off Britain, you’re now looking at Bargain Britain.

“Buyers are now holding all the cards and sellers need to realise that if they want to sell in this market then they may have to accept an offer they wouldn’t have even considered six months ago. It’s the perfect time to buy as many sellers are taking almost any offer to offload a property that is a drain on their finances.”

Crunch cloud has silver lining , 25 November 2008

As the credit crunch casts a cloud on the world’s property markets, there is a silver lining if you have the cash to buy – prices are tumbling fast as sellers, agents and developers offer properties for sale at dramatically reduced prices.
One example of this can be seen if you flick through the property listing of UK-based estate agent Unique Living. It sells upmarket villas in Cyprus, France, Portugal, Spain and the USA and is currently offering discounts of up to nearly 30 per cent on some of its properties. For example, the price of a lavish nine-bedroom villa in the resort of Sotogrande near Marbella has been dropped by €1.3 million from €4.5 million to €3.2 million in recent weeks.
“There are some exceptional bargains in this current market place and those savvy enough or financially able to purchase are getting some phenomenal homes,” says Serge Cowan of Unique Living. “The industry calls [these] ‘distressed sales’ but we think this is a misdescription in the luxury market, as the owner is often not distressed but merely wishing to buy something bigger or in an alternative location.”
And you certainly need to be rich to absorb these kind of equity losses. The discounts on offer from Unique Living make for a painful read. Among the 19 marked-down properties it has for sale, which collectively are worth €41.9 million, discounts are being offered totalling €7.06 million which is, on average, a 16.8 per cent or €370,000 discount.
Even bigger discounts are on offer from developers and agents selling off-plan developments. For example, two-bedroom apartments at the El Bosque de al Mairena development set within a natural park near Marbella were originally for sale at €271,000 but are now being offered by UK agent Chesterton International for €173,000, which is a considerable saving of €98,000.
“It’s no secret that the Spanish property market has been hard it recent years,” says Richard Jackson of the site’s developer Taylor Woodrow Espana.
Chesterton International is also offering properties at a heavy discount on the Costa Blanca. At the Valle de Alenda development, which is 35 two and three bedroom apartments on the front line of Alenda golf course near Alicante, properties are being sold for €180,000, which is a 28 per cent discount on their original asking price of €252,000.